International Review of Law and Economics最新文献

英文中文

Financial innovation and local governments investment 金融创新与地方政府投资

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2026-02-09 DOI: 10.1016/j.irle.2026.106323

Maxime Fajeau , Samuel Ligonnière , Alexandre Mayol

Local public investment is a key driver of infrastructure provision and long-term growth. Hence, understanding investment financing choice is paramount. Unlike central governments, most local authorities face a narrow choice between debt and tax funding, subject to fiscal rules and financial market access constraints. To analyze this choice, we transpose Williamson (1988)’s corporate finance framework, which views financing as a governance decision aimed at minimizing transaction costs rather than as market neutral or an agency conflict. In this adaptation to public finance, debt corresponds to rules-based, market governance, while tax funding represents hierarchical, discretionary governance. In stable environments, debt dominates; under instability, the ranking reverses. We test these propositions using France’s local public debt crisis that began in 2010, triggered by municipalities’ exposure to toxic structured loans. Using a panel of 35,000 municipalities (2000–2018) and a distance-based instrumental-variable strategy, we find that before the crisis, structured loans did not alter investment behavior, but after the crisis, exposed municipalities sharply curtailed investment and re-ranked their financing choices away from borrowing toward higher self-financing. These results highlight the governance nature of local financing decisions and extend Williamson’s corporate finance framework to public finance.

地方公共投资是基础设施供应和长期增长的关键驱动力。因此，了解投资融资选择是至关重要的。与中央政府不同，多数地方政府在债务和税收融资之间面临着狭窄的选择，受制于财政规则和金融市场准入限制。为了分析这种选择，我们转换了Williamson（1988）的公司融资框架，该框架将融资视为旨在使交易成本最小化的治理决策，而不是市场中立或代理冲突。在这种对公共财政的适应中，债务对应于基于规则的市场治理，而税收融资则代表分层的、自由裁量的治理。在稳定的环境中，债务占主导地位；在不稳定的情况下，排名相反。我们用法国2010年开始的地方公共债务危机来检验这些观点，这场危机是由市政当局对有毒结构性贷款的敞口引发的。通过对35000个城市（2000-2018年）的调查和基于距离的工具变量策略，我们发现，在危机之前，结构性贷款并没有改变投资行为，但在危机之后，有风险的城市大幅削减了投资，并将其融资选择从借贷转向更高的自筹资金。这些结果突出了地方融资决策的治理性质，并将威廉姆森的公司融资框架扩展到公共财政。

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引用次数: 0

Legal errors and evidence rules with biased law enforcers 法律错误和证据规则有偏见的执法者

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2026-01-14 DOI: 10.1016/j.irle.2026.106322

Ken Yahagi

This study examines optimal evidence rules when self-interested law enforcers may strategically distort evidence to increase conviction rates. Although law enforcers can strategically distort evidence, the analysis demonstrates that appropriate evidentiary thresholds can induce truthful reporting, thereby extracting useful information and reducing expected legal error costs from wrongful convictions and erroneous acquittals. This is particularly important when the defendant’s guilt is uncertain. The analysis extends to judicial discretion in sentencing. We show that allowing courts to impose lighter sanctions can minimize legal error costs when such sanctions reduce error costs and guilt is uncertain. This provides a justification for judicial discretion under self-interested law enforcement.

本研究探讨了当自利的执法者可能策略性地扭曲证据以提高定罪率时的最佳证据规则。尽管执法人员可以在策略上扭曲证据，但分析表明，适当的证据阈值可以诱导真实报告，从而提取有用的信息，并减少因错误定罪和错误无罪释放而产生的预期法律错误成本。当被告的罪行不确定时，这一点尤为重要。分析延伸到量刑的司法自由裁量权。我们表明，允许法院施加较轻的制裁可以最大限度地减少法律错误成本，当这种制裁减少错误成本和有罪是不确定的。这为自利执法下的司法自由裁量权提供了理由。

引用次数: 0

Behaviorally efficient remedies: An experiment 行为有效的补救措施：一个实验

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2026-01-08 DOI: 10.1016/j.irle.2026.106321

Christoph Engel, Lars Freund

Under common law, the standard remedy for breach of contract is expectation damages. Under continental law, the standard is specific performance. The common law solution is ex post efficient. But is it also ex ante efficient? We use experimental methods to test whether knowing that non-fulfilment will only give a right to damages deters mutually beneficial trade. The design excludes aversion against others willfully breaking their promises, and fairness concerns. We find that there is indeed less trade if specific performance is not guaranteed, provided the preference for the traded commodity is sufficiently pronounced.

在普通法下，违约的标准救济是预期损害赔偿。大陆法系的标准是具体履行。普通法的解决办法是事后有效的。但这也是事前有效的吗？我们使用实验方法来测试，知道不履行只会给予损害赔偿的权利是否会阻碍互利贸易。这种设计排除了对他人故意违背承诺的厌恶，以及对公平的担忧。我们发现，如果对交易商品的偏好足够明显，特定绩效得不到保证，贸易确实会减少。

引用次数: 0

Exchange offer, prenegotiated, or freefall restructuring 交换要约，预先谈判，或自由落体重组

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2025-12-31 DOI: 10.1016/j.irle.2025.106320

Timothy C.G. Fisher , Jocelyn Martel , Lorenzo Naranjo

This study examines the roles of institutional investors in corporate restructuring decisions. We expand the existing empirical literature by using a multinomial logit model with instrumental variables to evaluate the three-way choice of distressed firms between exchange offers, ‘freefall’ Chapter 11, and ‘prenegotiated’ Chapter 11. In addition, we consider a comprehensive list of institutional investors and assess the impact of their equity and debt holdings on restructuring outcomes. Using a unique sample of 74 Chapter 11 freefall cases, 57 prenegotiated Chapter 11 cases, and 138 exchange offers from 2000 to 2018, we find that equity holdings by government, individual, investment advisors and pension funds are positively related to exchange offers and negatively to freefall plans. In contrast, bond holdings by bank, hedge fund, and VC/PE investors are negatively related to exchange offers and positively to freefall or prenegotiated plans while the inverse holds for insurance companies. In addition, assets to liabilities and interest coverage ratios are strongly associated with exchange offers, while higher short-term debt and EBIT margins correlate with freefall and prenegotiated plans. Our results underscore the critical role of investor type in shaping corporate restructuring strategies.

本研究考察了机构投资者在公司重组决策中的作用。我们通过使用带有工具变量的多项logit模型来扩展现有的实证文献，以评估陷入困境的公司在交换要约，“自由落体”第11章和“预先协商”第11章之间的三方选择。此外，我们考虑了机构投资者的综合名单，并评估了他们的股权和债务持有对重组结果的影响。利用2000年至2018年的74个第11章自由落体案例、57个预先谈判的第11章案例和138个交换要约的独特样本，我们发现政府、个人、投资顾问和养老基金的股权持有与交换要约呈正相关，与自由落体计划负相关。相比之下，银行、对冲基金和VC/PE投资者的债券持有量与交换要约呈负相关，与自由落体或预先谈判的计划呈正相关，而保险公司的债券持有量则相反。此外，资产负债比率和利息覆盖率与交换要约密切相关，而较高的短期债务和息税前利润率与自由落体和预先谈判的计划相关。我们的研究结果强调了投资者类型在塑造公司重组战略中的关键作用。

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引用次数: 0

Structural or cyclical decline: Commercial court cases in the Netherlands 结构性或周期性衰退：荷兰商事法庭案件

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2025-12-29 DOI: 10.1016/j.irle.2025.106319

Diogo Requena , Frans van Dijk , Wolter Hassink , Remme Verkerk

In the Netherlands, the number of commercial court cases has been declining since the end of the 2008 financial crisis. A similar decline is observed in other countries. The reasons for this decline are not well understood. Therefore, we investigate to what extent this decline is related to the business cycle and to what extent it is related to structural factors. To address this question, we use administrative data provided by the Dutch judiciary that enables us to separate cases by type of dispute. This disaggregation makes it possible to differentiate a type of case that is closely linked to the business cycle (debt collection) from a type that is not (tort). We perform regressions on the volume of these different types of cases while controlling for firms’ fixed effects. Our results indicate that, while the decline is the result of a combination of business cycle and structural factors, structural factors dominate in contentious litigation. The interviews with experts indicate that the structural decline is due to both the expansion of new technologies that increased information availability and the increased centralization of firms.

在荷兰，自2008年金融危机结束以来，商事法庭案件的数量一直在下降。其他国家也出现了类似的下降。这种下降的原因尚不清楚。因此，我们研究这种下降在多大程度上与商业周期有关，在多大程度上与结构性因素有关。为了解决这个问题，我们使用荷兰司法部门提供的行政数据，使我们能够按争议类型区分案件。这种分类使得区分与商业周期密切相关的案件类型（债务催收）和与商业周期无关的案件类型（侵权）成为可能。我们对这些不同类型案例的数量进行了回归，同时控制了企业的固定效应。我们的研究结果表明，虽然这种下降是经济周期和结构性因素共同作用的结果，但结构性因素在争议诉讼中占主导地位。对专家的采访表明，结构性下降是由于新技术的扩展增加了信息的可用性和企业的集中化程度的提高。

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引用次数: 0

Williamson’s legacy: A lasting influence 威廉姆森的遗产：持久的影响

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2025-11-19 DOI: 10.1016/j.irle.2025.106309

Claude Ménard

Building mainly on Coase (but also Arrow, Barnard, Simon, and many others), Williamson played a central role in the establishment and academic recognition of the economics of organizations and more generally the economics of institutions. Over numerous contributions, he introduced and/or enriched a set of interdependent concepts regarding transactions, rights, and contracts, defining the “golden triangle” of New Institutional Economics. The resulting framework provides solid theoretical ground to the analysis of the many alternative ways to organize the transfer/allocation of rights through transactions and delivered what became a key explanation to the trade-off among alternative organizational solutions faced by decision-makers. In doing so Williamson pointed out the need for an in-depth revision of traditional micro-economics and opened room for the analysis of the governance of these different structures, at the junction of economics, management, and sociology. It also led Williamson to consider the institutional embeddedness of all these micro-institutions, contributing to bridge the gap with the “macro-variant” of NIE personified by Douglass North. Williamson explored this connection mainly through the case of regulation, thus establishing links between economics and the law. In all these aspects his legacy has been and remains a source of lasting influence.

威廉姆森主要以科斯（以及阿罗、巴纳德、西蒙和其他许多人）为基础，在组织经济学和更广泛的制度经济学的建立和学术认可中发挥了核心作用。在众多的贡献中，他引入和/或丰富了一套关于交易、权利和契约的相互依存的概念，定义了新制度经济学的“金三角”。由此产生的框架为分析通过交易组织权利转移/分配的许多替代方式提供了坚实的理论基础，并为决策者面临的替代组织解决方案之间的权衡提供了关键解释。在此过程中，威廉姆森指出了对传统微观经济学进行深入修订的必要性，并为在经济学、管理学和社会学的交汇处分析这些不同结构的治理开辟了空间。这也促使威廉姆森考虑所有这些微观制度的制度嵌入性，有助于弥合与道格拉斯·诺斯（Douglass North）拟人化的NIE的“宏观变体”的差距。威廉姆森主要通过监管的案例来探讨这种联系，从而建立了经济学与法律之间的联系。在所有这些方面，他的遗产一直是并且仍然是持久影响的源泉。

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引用次数: 0

Private enforcement of procurement rules: The heterogeneous effect of the EU remedies directive 采购规则的私人执行：欧盟救济指令的异质效应

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2025-11-19 DOI: 10.1016/j.irle.2025.106308

Eshien Chong , Michael Klien , Stéphane Saussier

This study examines the impact of the EU Remedies Directive on the prevalence of direct awards in public procurement. Strengthening bid protest mechanisms should, in theory, curb the use of direct awards by increasing the likelihood that aggrieved bidders challenge such decisions. Using a difference-in-differences approach, exploiting the staggered implementation of the directive across EU countries, we test this hypothesis using a large database of public procurement contracts. We find a strong deterrent effect for public buyers with a high initial propensity to use direct awards. For this group, the directive led to a reduction in direct awards exceeding 50 percentage points within two years of implementation. These results highlight the effectiveness of private enforcement mechanisms in shaping procurement behavior, yet indicate that such measures may also discourage the justified use of direct awards.

本研究考察了欧盟救济指令对公共采购中直接奖励盛行的影响。从理论上讲，加强投标抗议机制应该会增加受害投标人挑战此类决定的可能性，从而抑制直接奖励的使用。我们采用差异中的差异方法，利用欧盟国家间指令的交错实施，使用大型公共采购合同数据库来检验这一假设。我们发现，对于使用直接奖励的高初始倾向的公共购买者，具有很强的威慑效应。对于这一群体，该指令在实施的两年内导致直接奖励减少超过50%。这些结果强调了私人执法机制在塑造采购行为方面的有效性，但也表明这些措施也可能阻碍直接奖励的合理使用。

引用次数: 0

Efficient liability law with costly insurance 有效的责任法律和昂贵的保险

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2025-11-18 DOI: 10.1016/j.irle.2025.106310

Luigi Alberto Franzoni

This paper examines how insurance considerations should influence the design of liability rules, based on the realistic assumptions that individuals are risk-averse and that private insurance is costly. Empirical evidence indicates that insurance contracts often carry substantial loading factors—ranging from 30% to 40%—and that individuals display marked risk aversion when exposed to uncertain losses. These features have important normative implications for tort law. Under a negligence regime, risk aversion and costly insurance justify raising the standard of care. Under strict liability, the victim’s limited access to affordable insurance supports higher damage awards. The analysis advances the argument that courts should not evaluate precautionary behavior solely based on its expected harm reduction, but rather on its insurance value—namely, its capacity to protect risk-averse parties from uncertain losses.

本文基于个人规避风险和私人保险成本高的现实假设，考察了保险因素应如何影响责任规则的设计。经验证据表明，保险合同通常有很大的负荷系数，从30%到40%不等，而且当面临不确定的损失时，个人表现出明显的风险厌恶。这些特征对侵权法具有重要的规范性意义。在过失制度下，风险规避和昂贵的保险为提高护理标准提供了理由。在严格责任下，受害者有限的可负担保险支持更高的损害赔偿。分析提出了这样一种观点，即法院不应仅根据预期的减少伤害来评估预防性行为，而应根据其保险价值——即保护厌恶风险的各方免受不确定损失的能力——来评估预防性行为。

引用次数: 0

Does court-annexed mediation facilitate case disposition? Evidence from civil and commercial lawsuits 法院附带调解是否有利于案件的处理？民商事诉讼证据

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2025-11-10 DOI: 10.1016/j.irle.2025.106307

Peter Grajzl , Jaka Cepec , Barbara Mörec

We examine the effectiveness of court-annexed mediation (CAM) in facilitating case disposition, drawing on nearly 380,000 civil and commercial disputes adjudicated in Slovenian first-instance courts between 2009 and 2023. To address CAM’s endogeneity, we leverage a rich set of covariates and combine propensity score estimation with matching and parametric analysis. Conducting CAM, on average, reduces case duration by 12 % (42 days based on sample mean) and raises the likelihood of settlement by 25–32 percentage points (60–176 % of mean settlement probability, depending on the definition). CAM’s effect, however, varies considerably across different cases. CAM significantly reduces duration in commercial, intellectual property, damages, and enforcement lawsuits, as well as in cases filed during backlog periods and in courts that adopted CAM early. By contrast, we find no effect of CAM on duration in disputes involving five or more parties. CAM improves settlement prospects across all examined case groups—especially in small-value claims, commercial and enforcement lawsuits, and disputes in which neither party is represented by an attorney. Notably, the key determinant of whether CAM is offered and conducted is the identity of the presiding judge, underscoring the critical role judges play in driving CAM’s adoption.

我们研究了法院附属调解（CAM）在促进案件处理方面的有效性，借鉴了2009年至2023年间斯洛文尼亚一审法院裁决的近38万起民事和商业纠纷。为了解决CAM的内生性问题，我们利用了一组丰富的协变量，并将倾向得分估计与匹配和参数分析相结合。实施CAM平均可将案件持续时间缩短12% %（基于样本平均值的42天），并将和解的可能性提高25-32个百分点（占平均和解概率的60-176 %，具体取决于定义）。然而，CAM的效果在不同的情况下差异很大。CAM大大减少了商业、知识产权、损害赔偿和强制执行诉讼的持续时间，以及在积压期间和早期采用CAM的法院提交的案件。相比之下，我们发现在涉及五个或更多当事方的纠纷中，CAM对持续时间没有影响。CAM改善了所有被审查案件组的和解前景，特别是在小额索赔、商业和执法诉讼以及双方都没有律师代表的纠纷中。值得注意的是，是否提供和实施CAM的关键决定因素是主审法官的身份，这强调了法官在推动采用CAM方面发挥的关键作用。

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In Memoriam: Robert D. Cooter 纪念：罗伯特·d·库特

IF 1 3区社会学 Q3 ECONOMICS

International Review of Law and Economics

Pub Date : 2025-10-17 DOI: 10.1016/j.irle.2025.106306

Francesco Parisi

The International Review of Law & Economics is publishing these notes in memory and celebration of Robert D. Cooter—its Editor from 1988 to 2004—offering brief reflections on him as teacher, scholar, and exemplar. A giant of law and economics, Robert D. Cooter combined breadth with creative insight: he helped build a systematic economic understanding of torts, contracts, and property, a novel approach to public law and Constitutional design, and opened new frontiers on the interaction between law and social norms and on the expressive power of law. His humanity and scholarly ethos—curiosity, humor, and intellectual honesty—left a lasting mark on all who had the privilege to learn from him as students, colleagues, co-authors, and friends.

《国际法律与经济学评论》发表这些笔记是为了纪念罗伯特·d·库特——1988年至2004年的主编——并对他作为教师、学者和典范的形象进行简要的反思。作为法学和经济学的巨人，罗伯特·d·库特将广度与创造性的洞察力结合起来：他帮助建立了对侵权、合同和财产的系统的经济理解，对公法和宪法设计提出了一种新颖的方法，并在法律与社会规范之间的相互作用以及法律的表达力方面开辟了新的前沿。他的人性和学术精神——好奇、幽默和诚实——在所有有幸从他那里学习的学生、同事、合著者和朋友身上留下了持久的印记。

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